Bank Shareholders Approve Merger

U.S. Bancorp, already a dominant financial institution in much of the West, will expand and strengthen its position by merging with West One Bancorp.

Stockholders of the two companies overwhelmingly approved the merger Tuesday, creating a $30 billion financial institution serving Oregon, Washington, Idaho, Nevada, Northern California and Utah.

The merger is to be completed by the end of the year pending regulatory approvals, the banks said Tuesday. The transaction will strengthen U.S. Bancorp’s dominant position in the region.

“This merger enhances our strength and market presence, helping to ensure that we accomplish our mission of being the leading provider of financial products, services and planning to individuals and businesses,” U.S. Bancorp Chairman Gerry B. Cameron said from company headquarters in Portland.

West One Bancorp Chairman Daniel R. Nelson said from company headquarters in Boise that company shareholders also will benefit from the move.